What the hell happened to TenX ?
It hasn’t been an easy few weeks for TenX, the flagship crypto debit card company faced by the charismatic Julian Hosp which has seen the price of it’s PAY token fall considerably since the Chinese ban on Bitcoin and all the ensuing FUD which followed has seen angry competition turn on it's CVO at a more then personal level .
The company announced they were deactivating cards outside Europe while a new card issuer was being found, needless to say the already hyper sensitive crypto kiddies panicked and many sold their tokens and ran. The fact that the company announced that a new issuer has already been signed of course didn’t seem to calm many as this is crypto and if you have been in crypto for more than a week you’ll know everyone loves bad news and good news is always something to be wary of.
The news that the company was on track to gaining it’s very own banking license and the sharing of the possibility that the company may be the first to issue a crypto credit card some day in the future slipped past many in the rush from the deactivated cards bomb.
TenX has, since it’s ICO been one of the most celebrated companies in the market for it’s transparency, the weekly Q&A sessions via youtube and vibrant SLACK community have set a benchmark for future ICO companies so the revelation that Hosp had once worked for a company with some shady dealings appeared to complete the hatrick of bad news for the company.
This isn’t the first FUD to be thrown at Julian Hosp or TenX , following the ICO token holders angry that their purchases hadn’t “mooned” immediately accused him of being a scammer and some even questioned if his hair was real ,this is crypto remember. Others slated him for calling himself Dr Julian Hosp, despite the fact that he is one, yes he’s a doctor as well as an ex professional kit surfer who looks badass in a pair of shades.
To be honest the guy has a C.V. that makes him an easy hate figure however his openness to communicate with PAY holders and willingness to answer questions honestly including those relating to the company he previously worked for have made him a role model to many and serious threat to his competitors who will no doubt be held to the benchmarks he’s set for them.
So what now for TenX ? The price of the token currently sits around $1.83 and without doubt at that price it can be said to be sitting on a keg of black powder just waiting for a waft of good news to light the fuse, why do I say this , well I have a TenX card and I use it regularly . Every time I swipe it I think “this company is going to be massive” it’s the killer app Bitcoin and crypto in general has been talking about for years. Living in a small town where the mention of crypto is always met with the question “but can you spend it ?” a TenX card in action changes the faces of many Bitcoin skeptics .
As for the haters, I send them all my love and best wishes, they can hate both TenX and Dr. Hosp personally all they like but they may want to consider how he has turned everything they have thrown at him to his advantage and he still looks badass in a pair of shades.
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Dr. Julian Hosp (looking badass in a pair of shades)![images (3).jpeg]
The propaganda camping on reddit against Hosp was very vicious, some where questioning if he was even a real doctor. Btw, I haven't done the research on that so I have no idea myself, I just assumed he wouldn't lie about something like that.
Even if he was deeply involved with some MLM card program in the past, I don't see how this puts into question the viability of the TenX project.
People are already using their app and the card! If TenX didn't have a working product, this smear campaign would be far more effective, but in its current state the project seems solid.
I belive in TenX , I didn t sell a single Token , and I m still buying new tokens every week at this price. I hope I ll get my TenXcard soon. As soon as they get the banking license , and the distribution of the free Eth starts , the price will start to increase again , I don t worry about TenX. It s a awesome long term investment.
The problem with TenX is that there are only 10 million users of crypto worldwide. Even if all of them started using TenX cards, that is still a relatively small market to draw dividends/transaction fees from. I did the math at one point, and I came to a token price of about $3.50 based on a very positive scenario. Compare that to OmiseGo, which also pays dividend based on use, but which has an existing customer base of 50 million (I think? don't hold me to that) as well as building a DEX with loads of transactions on top.
Add to this that there are more and more competitors stepping into the payment card space, and of course the ever present risk of 'What if VISA starts doing this themselves?'?
I think its a lot more than 10 million today. Coinbase alone has 10,500,000 clients! I think 20mil+ might be more accurate. But in 2-3 years, we could be looking at 100+ mil users. Maybe even up to a billion if India starts embracing cryptos. The growth potential of the crypto space is staggering.
on april 12th of this year this article was published on bitcoin.com: https://news.bitcoin.com/how-big-is-bitcoin/
The end conclusion is that roughly 10 million people worldwide hold 'a material amount of bitcoin' meaning, more than just a tiny tiny bit.
I'm sure by now that could be doubled with all the hype going on, so, sure, 20 mil is reasonable IMO. Still, the majority of those people are in my opinion not likely to start using a TenX card. TenX is more for the hardcore crypto believers and enthusiasts.. people who made and hold a lot of wealth in crypto. Not people who hold their crypto on a coinbase account or something like it.
I agree with you that we could be seeing 100 million users within a reasonable timeframe, but the fact remains there is no way to know if TenX is going to snatch all of these up, or somebody else will. There's Monaco, Centra, etc. already competing in the space and I'm sure existing companies like Visa will respond. You mention India, and I'm not sure about the local situation there, but in south east asia I've heard it said that they actually don't use cards at all anymore.. They consider it outdated, and most payments are done through mobile phone payment systems. Perhaps that is the future of those 100 million users? Who knows.. exactly that uncertainty is probably part of the reason why the price of TenX isn't mooning.
Don't get me wrong I love TenX and want a card for myself eventually, and I am sure many crypto enthusiasts will want one too. But without millions upon millions of daily active users, the dividends are just too low to warrant a higher price.
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STOPGood info on TenX! Upvoted:Following:Resteemed.
I've been adding to my position as the price keeps getting better. I also believe this will be big in the future.
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STOP@rorygeneral. I found a good real life post on TenX you may be interested in from @boxmining. One Tenx Fan to another. I also resteemed it if the link doesn't work.
https://steemit.com/bitcoin/@boxmining/tenx-got-me-the-cash-i-desperately-needed
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